Method and apparatus for evaluating a financial transaction
a financial transaction and financial transaction technology, applied in the field of financial transaction evaluation, can solve the problems of more risk in the first-tier request, more risk in the second-tier request than in the third-tier request, etc., and achieve the effect of maintaining the integrity of the credit request evaluation process
Active Publication Date: 2010-03-23
JPMORGAN CHASE BANK NA
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- Abstract
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AI Technical Summary
Benefits of technology
"The invention is a system and method for evaluating financial transactions, specifically credit requests. The system categorizes credit requests into three tiers based on their risk level. The first-tier requests are manually reviewed by a credit executive, the second-tier requests are routed to more junior credit personnel, and the third-tier requests are processed by computers. This pre-approval procedure reduces the amount of human interaction required to approve requests while maintaining the integrity of the evaluation process. Additionally, if a request exceeds a client's credit line or limit, the system can adjust the amount of credit applied to each line of credit based on the client's usage history. This allows for on-going management without human interaction. Overall, the invention allows for a larger number of credit requests to be processed while maintaining the quality of the evaluation process."
Problems solved by technology
Second-tier requests may involve more risk than third-tier requests.
First-tier requests may involve more risk than the second and third-tier requests.
Method used
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[0018]The present invention allows a credit executive to define what types of credit requests may be approved prior to receipt of such credit requests. In particular, the present invention allows the credit executive to specify that certain types of credit requests may be approved by junior credit personnel or even by computers. Any request type that has not been specifically identified for approval by junior personnel or by computers are reserved for approval by the credit executive. Accordingly, more requests may be processed than the credit executive could have processed alone manually. Further, the risk of erroneous approvals is not increased, because any request approved by junior credit personnel or by a computer has, in effect, been pre-approved by the credit executive, thereby maintaining the integrity of the credit request evaluation process.
[0019]According to an embodiment of the present invention, credit lines assigned to a client may be adjusted by computers, either at t...
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A system and method for evaluating financial transactions, which may involve credit requests, is provided. Credit requests are categorized into three tiers: the third-tier is for requests capable of being processed by computers, the second-tier is for requests that meet predefined criteria and cannot be categorized as third-tier requests, and the first-tier is for requests that cannot be categorized as second-tier or third-tier requests. The first-tier requests are manually reviewed by a credit executive. The second-tier requests are delegated to more junior credit personnel via an inventive pre-approval procedure. The third-tier requests are processed, at least in part, by computers. Additionally, requests that exceed a credit line, or limit, may be approved by reallocating credit from other credit lines.
Description
CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application claims the benefit of U.S. Provisional Application No. 60 / 631,813, filed Nov. 30, 2004, the entire disclosure of which is hereby incorporated herein by reference. This application is also related to: U.S. Nonprovisional application entitled, “System and Method for Routing Information for Evaluating a Financial Transaction,” by Whitaker et al., filed on May 25, 2005, assigned Ser. No. 11 / 137,644 U.S. Nonprovisional application entitled, “Method and Apparatus for Managing Credit Limits,” by Cox et al., filed concurrently with this application, assigned Ser. No. 11 / 108,987 the entire disclosure of which is hereby incorporated herein by reference; and U.S. Nonprovisional application entitled, “Method and Apparatus for Managing Risk,” by Cox et al., filed concurrently with this application, assigned Ser. No. 11 / 109,203 the entire disclosure of which is hereby incorporated herein by reference.FIELD OF THE INVENTION[0002]This in...
Claims
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IPC IPC(8): G06Q40/00
CPCG06Q20/102G06Q40/00G06Q40/02G06Q40/025G06Q40/04G06Q40/06G06Q40/03
Inventor COX, ANDREWSIEBER, ROBERTBALDING, ALISONKARUNARATNE, ANILCHANDUMONT, JEAN-CHRISTOPHER
Owner JPMORGAN CHASE BANK NA